Saturday, 21 October 2017

YG Entertainment & Naver Makes Korean “Spotify/iTunes”

YG Entertainment & Naver has decided to create a music platform which seems to rival Spotify and iTunes in terms of Korean songs. 

Naver's V&Enter cell leader, Park Sun Young, issued a statement.

"By merging Naver's technology expertise and YG’s strengths in entertainment, we plan to build a strong foundation for creating a competitive global music platform," he said.

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The YG affiliate company, YG Plus, are teaming up with Naver to act as a rival to Western streaming services. iTunes & Spotify have a small selection of Asian songs, only some belonging to Korean artists.

A Naver representative said, "The labeling process will be carried out in not only Korean but other languages including English, as Naver is preparing a music platform service targeting global audiences."

A few months ago, Naver invested around  100 billion KRW ($88.52 million USD) into YG Entertainment.

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